The proposed tax in New York is going to apply to properties of over $5 million that are owned by non-residents of the city.
The tax being met with resistance from those in the industry, as the market dwindles. Martin Eiden, who sells about $50 million of residential property a year told Bloomberg:
"The international buyer has basically gone away over the past two years. There's only so much that people will take -- they'll either go somewhere else or they'll just get a hotel room."
The proposed use of tax proceeds will, once again, be transit fixes in the city - the same problem that was cited by socialist Alexandria Ocasio-Cortez as a reason for rejecting $27 billion in future tax revenue by preventing Amazon from moving its headquarters to the city. Mayor Bill De Blasio says (surprise) that the rich should continue to pay more, especially those who don't pay income taxes in the city, because full-time residents pay for the cost of city services. We wonder if De Blasio understands that those outside of the city are not using the city services and that full time residents are the ones actually using them. But, we digress.